E104RQ1S19-1.doc - ECON 104 Spring 2019 REVIEW QUESTIONS...

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ECON 104 Spring 2019 REVIEW QUESTIONS FIRST EXAM Exam 1 is Thursday, February 7, in class. . The following are some questions for review—they are not all inclusive . Your class notes and reading assignments up through Chapter 8 ( Sections 8.1, 8.2, 84) , homework and quizzes are an important guide as to what is on the exam. The answers to these questions are in your class notes. We will go over your questions/fill in the blanks (below) on Tuesday, 2/5. Also, please look over the Practice Exam in the back of your packet. Ignore any questions in the practice exam on topics we have not covered in class. You are responsible for all material covered in class from 1/8 – 1/29. If you have missed any classes, I suggest you get the notes(take a picture) from a classmate. Come to the review on Tuesday where you will have an opportunity to exchange class notes towards the end of class. Introduction and Chapter 1 (entire chapter) : Packet pages 1 – 16. Definitions : Economics, macroeconomics microeconomics Rational Thinking Margin or marginal Marginal Benefit (MB) Marginal Cost (MC) Standard of Living Factors of Production Capital Goods Entrepreneur Positive Economics Normative Economics Mixed Economy 1. What are the 3 key economic ideas about how people interact and make choices in the marketplace? 2. If MB > MC the optimal decision is to continue the activity until ______________ . 1
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3. What is the economic problem facing every society? 4. What do we mean by “land” as a factor of production? 5. What are the 2 types of capital goods? 6. How is a centrally planned economy different from a market economy? What is a mixed economy? True or False: “The U.S. economy is a Market economy.” 7. According to the Index of Economic Freedom ( ),
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